Get Inspiration from Famous Personalities Who Started Afresh after Bankruptcy

After the recent economic meltdown a large number of people suffered job loss and unemployment in the US. These debt-stricken consumers have defaulted on their payments and incurred overwhelming debt. If you are in a similar situation then you might be contemplating ” bankruptcy or debt settlement” to discharge your debts. But the stigma of bankruptcy is forcing you to think twice before filing the petition. However, you might be surprised to hear that many famous personalities in the US filed bankruptcy and managed to start afresh after it. You just might find inspiration in their stories.

Here are stories of some famous personalities in America who got a second chance after filing bankruptcy and got back on the right financial track:

1. Walt Disney:

Our first inspiration is Walt Disney. Walt Disney struggled to establish his business before he opened a giant theme park or introduced Mickey Mouse. In 1921, he started the Laugh-O-Gram Corporation by borrowing $15,000. But the investors backed out and Walt Disney incurred overwhelming debt. He declared bankruptcy in 1923. However, on 16 October 1923 in joint collaboration with his brother Roy, he started again with the Disney Brothers Cartoon Studio and then he created international history.

2. Sam Walton:

Sam Walton the founder of WalMart started his career with a renowned store Ben Franklin. But his business was undergoing a bad phase. The owner of the building took over the store after the expiry of the lease. Walton was financially crippled and incurred an insurmountable amount of debt. He had no other alternatives than filing for bankruptcy. He started afresh after he discharged his debts and set an example by creating not just the largest retail chain, but the largest company in the world.

3. Conrad Hilton:

Conrad Hilton was forced to file bankruptcy after the colossal financial collapse in the US. After the economic meltdown, he couldn’t pay back the owed amount and incurred an insurmountable amount of debt. He was completely penniless as the banks repossessed his hotels. He declared bankruptcy to discharge his debts and started afresh immediately after it. Hilton again regained control over his possession and expanded his business by building a chain of Hilton hotels.

4. Milton Hershey:

Last but not least, our final inspiration is Milton Hershey. Milton Hershey was considered to be the most famous man in the candy business. Initially, he established 4 different candy companies that all failed. He was bankrupt as he invested a fortune in the four companies. After the bankruptcy discharge, he started again and was successful in his fifth venture. Now Hershey’s Food Corporation has a turnover of almost $5 billion a year.

Therefore, you should draw inspiration from these famous personalities if you are still thinking about whether you should declare bankruptcy. Bankruptcy helps you give a fresh start and also liberates you from the clutches of debts.